Smart & Easy TDS Software for Preparing TDS Returns

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Fees and Penalty for Late Filing of TDS Returns

Fees and Penalty for Late Filing of TDS Returns are as follows:

Section 234E – Levy of Fees 

  • Failure to submit TDS return on time will result in fees on the deductor.
  • If you delay or forget to file your TDS return, fees of Rs. 200 per day will be levied on the deductor, as long as TDS return is not filed.
  • The levied amount of fee is not supposed to exceed the TDS deductibles.
  • Prior to TDS filing such fee should be paid and it should be reflected in the TDS return.

Section 271H – Penalty

  • Deductor has to pay a penalty ranging from minimum of Rs. 10,000/- to One Lac rupees,
    • If deductor exceeds one year time limit to File TDS return.
    • If deductor furnishes incorrect details like PAN, TDS Amount, Payment of Challan etc.

For more details on Consequences of TDS defaults, Click here


Important proofs while filing IT return

Following are some important list of the “proof” used for taking advantages of deductions under sec 80 C of IT act :-

1. Life Insurance Premium :

Proof – Premium payment receipt having name of the insured, sum assured and payment date.

2. Provident Fund (PF) :

Proof – Receipts of contribution in PF with details of total contribution in previous year.

3. National Saving Certificate (NSC) :

Proof – The certificate itself is the proof. Make sure that investor’s details are correct.

4. Fixed Deposit (FD) :

Proof – 5 year FD certificate that mentions the deposits is eligible for tax sever scheme.

5. Repayment of Housing Loan :

Proof – The receipt of Principal amount paid for housing loan.

6. Pension Fund :

Proof – The receipt of sum contributed under the pension plan of Life Insurance Corporation or the pension scheme notified by Central Govt.

Apart from above mentioned proofs, the taxpayers should also keep proper records of expenses claimed under income tax and bills of various assets and products purchased. As per various stipulations, it is important for a taxpayer to keep tax records and supporting documents for at least 8 years. 

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